- Binance Pool now allows its users to earn rewards in Dogecoin and Bellscoin, in addition to the already existing Litecoin through merged mining.
- However, Bells is not registered on Binance, and the exchange cautions that the reward programme doesn’t guarantee it will list the coin.
Binance Pool, the exchange’s collaborative mining network, has announced that Litecoin miners can now earn rewards in LTC, Dogecoin, and Bellscoin through merged mining.
Binance Pool allows individuals to participate in the ultra-competitive crypto-mining sector by harnessing the power of cooperation. Thousands of miners combine their mining resources, allowing them to better compete against global giants with vast resources.
The pool has now announced merged mining for Litecoin. Merged mining is the process through which a miner uses the same equipment to mine two distinct cryptocurrencies simultaneously, boosting the miner’s earnings. However, merged mining is only possible where the cryptos involved use the same consensus protocol and hash function, such as Scrypt or SHA-256. It was first done in 2011 when Bitcoin miners started to simultaneously mine Namecoin, one of the earliest cryptos.
Binance Pool users can now mine Litecoin as the parent chain, with Dogecoin and/or Bellscoin as the ‘child’ blockchains. Bellscoin was launched by Billy Markus, the man most well-known for launching Dogecoin, the largest meme coin in the space with a $17.2 billion market cap. However, Billy claims to have launched Bellscoin first, back in 2013, but he abandoned the project and focused on DOGE. He would revive it last year after leaving the DOGE team years ago before the meme coin exploded.
Bellscoin has yet to hit the ground running. In fact, despite offering it as a reward in merged mining, Binance has yet to list the token. In its announcement, it cautioned investors against making the assumption that its listing is impending, stating:
Bellscoin (BEL) is not currently listed (tradable) on Binance.com. The launch of the Bellscoin (BEL) mining service on Binance Pool does not guarantee a token listing on Binance.com.
BEL’s merged mining will use a PPLNS payout model with a minimum payout of 1 Bellscoin (BEL), the exchange added.
Earnings will be based on the actual output of the mining pool. Bellscoin (BEL) earnings will not be affected by LTC or DOGE earnings.
The revival of BEL was targeting the meme coin mania that had reawakened towards the end of last year. Coins like BONK, Book of Meme and Dogwifhat hit massive heights in the bull market that started in the second half of last year and culminated around March. While most had no utility at launch, they went on to amass quite a following and now rank in the top 100 coins, with WIF and BONK worth $2.4 billion and $1.7 billion respectively.
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